JPMorgan CEO: Bitcoin is a ‘misleading scam’

• JPMorgan CEO Jamie Dimon has previously criticized Bitcoin as a “Ponzi scheme”.
• On Thursday, he told CNBC’s Squawk Box that crypto is a decentralized Ponzi scheme and that Bitcoin is just a “misleading scam.”
• Dimon says people have lost billions of dollars and believes regulators should have put an end to cryptocurrency “a long time ago.”

This isn’t the first time that JPMorgan CEO Jamie Dimon has called cryptocurrencies worthless.

On Thursday, during interview Using CNBC’s “Squawk Box,” the cryptocurrency skeptic once again referred to Bitcoin as nothing but “misleading fraud. He condemned the benchmark cryptocurrency asset as “rockexpressing his disapproval by dismissing discussions about BTC and other cryptocurrencies as a waste of time.

Dimon Says Cryptocurrency ‘Does Nothing’

According to the CEO of JPMorgan, Bitcoin is not a store of value, and he further demonstrated his skepticism by suggesting that there may be more than 21 million bitcoins in the future.

“How do you know it will stop at 21m? Maybe it will reach 21 million, and Satoshi’s picture will appear and laugh at all of you. And they say ta da! “

Dimon also went on to refer to cryptocurrencies as a decentralized Ponzi scheme. According to him, the hype around digital assets was extraordinary, as he said on CNBC:

“sGuys, you’ve all seen the analysis on Tether, the analysis on all of this stuff — the lack of disclosures and it’s outrageous. The regulators should have stopped all of this a long time ago. People have lost billions of dollars. If you look at low income people, in some cases retired people. “

Regarding what he said about the cryptocurrency industry after the FTX crash, the JPMorgan exec summed up his view by noting that cryptocurrency is “doing nothing.”

“It’s a pet rockhe told the Squawk Box hosts, adding that he had no interest in bitcoin.